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February 27, 2012

How robust is your knowledge?

Renowned physicist Richard Feynman said, “I don't know what's the matter with people: they don't learn by understanding, they learn by some other way — by rote or something. Their knowledge is so fragile!”

Nowhere is it more apparent than in our industry…owners and managers applying some strategy or tactic simply because that’s what the competition is doing.

A low-pricer moves in…lets drop our prices.

A training club opens up…lets buy some kettle bells.

A competitor runs a direct mail advertising blitz….lets run some ads.

Everyone runs a deep discount for the New Year…how low can we go?

All of these reactions are symptomatic of a lack of understanding of your own business. I see it everywhere.

Of course, there is nothing wrong with evolving (or even radically innovating) your business offerings or business model…but doing so simply because the competition is doing it demonstrates a critical lack of understanding of your own business.